
ExclusiveHong Kong invites global financiers to two-day November summit in much-heralded bid to reclaim city’s spot in world finance
- HKMA’s chief executive Eddie Yue Wai-man invited HSBC, Standard Chartered, Citi, BlackRock and global financiers to meet on November 1 and 2 in Hong Kong
- The summit, first flagged by Financial Secretary Paul Chan in March, comprises a closed-door event at the HKMA, and a public forum at the Four Seasons Hotel
Hong Kong’s monetary authority will roll out the red carpet for the world’s top financiers, as it aims to reverse an exodus of financial talent from the city to reclaim its place in global finance after more than two years of Covid-19 measures.

A major sticking point for attendees will be Hong Kong’s onerous anti-pandemic controls, which currently requires seven days of isolation at approved quarantine hotels across the city.
The HKMA, Hong Kong’s de facto central bank, “will try its best” to facilitate the travel arrangements of the financial executives, according to Yue’s invitation, short of guaranteeing waivers in the quarantine rules.
Here’s how Hong Kong’s quarantine exemption works for financial executives
The scheme started in May last year allowed fully vaccinated senior executives from the financial industry and 500 of the largest listed companies on the Hong Kong stock exchange to conduct business in the city with no need for quarantine.
The waiver scheme failed due to its tough requirements, described by business executives as a Sisyphean task. Only 93 of the 399 waiver applications were approved before the scheme was abandoned, according to data provided by the Financial Services and the Treasury Bureau (FSTB) which managed the scheme.

The two-day financial summit is timed ahead of the Rugby Sevens, the most important sports event in Hong Kong, which is awaiting the city government’s approval to proceed on November 4 to 6, having been postponed from April.
Most of the financiers invited have expressed their keen interest in attending the HKMA summit, pending clarifications on the city’s quarantine policies, sources said.
“We are taking forward the initiative announced by the Financial Secretary in this year’s Budget to organise a high-level investment summit,” a spokesman for the HKMA said. “We will provide more details at a suitable juncture.”
Hong Kong’s bank branch network shrinks as digitalisation looms
The summit could help rebuild the image of Hong Kong as an ideal place for international banks and brokers to do business, according to Robert Lee Wai-wang, the lawmaker for the financial services sector and chief executive of Hong Kong-based broker Grand Capital Holdings.
“The tough quarantine rule over the past two years has prevented international financiers from visiting Hong Kong, while the measures also led to many expatriates leaving the city,” Lee said. “A grand financial event may help attract people back.”
Still, a single event will not solve all problems, he added, noting that the industry’s talent will only return when the government relaxes travel restrictions further.

The city adopted a 21-day quarantine rule for travellers starting in 2020, which was reduced to seven days in April this year. However, that is still more restrictive than other major financial centres such as Singapore and the UK, which have ended quarantine requirements for visitors.
The talent shortage has driven international firms to consider moving operations out of Hong Kong.
